Board roles in meeting financial challenges
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This document summarizes a presentation given at the H. Kent Weldon Annual Conference for Higher Education on financial challenges in higher education. It notes that colleges and universities must take action on many fronts, including strategic finance, board-CEO leadership, and developing a results-driven culture. It also emphasizes the importance of having a firm financial foundation, deeply understanding national and local challenges, setting specific strategic goals and indicators, and having consistent board operations. The document concludes by stating that the 21st century must be about institutional innovation, just as the 20th century was about technological innovation.
Board roles in meeting financial challenges
- 1. FINANCIAL CHALLENGES: ARE WE IN THIS TOGETHER?H. KENT WELDON ANNUAL CONFERENCE FOR HIGHER EDUCATIONAPRIL 19, 2010ELLEN CHAFFEEASSOCIATION OF GOVERNING BOARDS OF UNIVERSITIES AND COLLEGESGOVERNANCE FOR STUDENT SUCCESS (AGB AND LUMINA FOUNDATION)
- 2. Good times??More For Less!
- 3. Requires Action on Many FrontsT O U G H D E C I S I O N S
- 4. Including Strategic FinanceBoard-CEO LeadershipStrategic FinanceStrategic IndicatorsStrategic GoalsPURPOSEFUL, ALIGNEDResults-Driven CultureASSET UTILIZATION maximizeREVENUE - optimize
- 5. Success Check ListFirm FoundationNo serious board or board-CEO issues.Solid fiduciary oversight.Deep Situation Analyses and UnderstandingNational and local challenges.Sustainable trend lines of revenue and expense.LeadershipShared vision that is consistent with needed changes.Specific goals and strategic indicators.Consistent, affirming Board operations.
- 6. Different Roles for Different Players
- 7. From Steve Jobs to YOUR Job20th Century was one of technological innovation21st Century must be one of institutional innovationDavid Wiley, BYU, http://davidwiley.org/David Wiley, BYU, http://davidwiley.org/